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Strategies & Market Trends : Market Gems-Trading Strong Earnings Growth and Momentum
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To: John NY who wrote (5669)3/1/2001 10:42:28 PM
From: Jenna  Read Replies (2) of 6445
 
IDT warns fiscal Q4 sales expected to fall 20% from prior quarter sales of $279 mln

IDT Revises Fourth Quarter Fiscal Outlook
SANTA CLARA, Calif., Mar 1, 2001 (BUSINESS WIRE) -- IDT (Integrated DeviceTechnology, Inc. (Nasdaq:IDTI)), a leading communications IC company, todayannounced during its regular mid-quarter investor teleconference that it hasreduced its revenue and earnings outlook for the quarter ending April 1, 2001.Based on recent and projected order rates from customers, management now expectsrevenues in the fourth quarter of IDT's fiscal 2001 to be down approximately 20percent from prior quarter revenues of approximately $279 million.

"IDT continues to see the impact of the industry-wide inventory correction whichbegan in the fourth quarter of calendar 2000," said Jerry Taylor, IDT'spresident and chief executive officer. "Reduced end-market demand associatedwith slowing economic conditions is now magnifying the effect of that correctionon IDT's near-term revenue outlook. While the end-market slowdown may extend thetime required for customers to work through excess inventories, we remainconfidant that sequential growth in our business will resume later this year."
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